The state of Maryland has consolidated two mortgage programs into a new Maryland Mortgage Program that provides low-interest mortgage loans to eligible buyers. The program is being financed with a just-completed $85 million bond sale.

Gov. William Donald Schaefer said the new program replaces the Mortgage Purchase Program and the Homeownership Development Program. "The state's low-interest mortgage programs have been consolidated and simplified so they will be easier for people to use," he said.

Under the new plan, households earning $20,000 a year or less will pay 7.65 percent interest for 30-year loans, while those with more than $20,000 in income, up to the maximum allowable income, will pay 8.65 percent. The maximum for individuals is $28,000, while families can earn up to $33,000.

In most areas of the state, including suburban areas of the District, eligible borrowers must not have owned a home within the last three years. In most urban parts of the state, the maximum purchase price of the home is $77,000, while it is often lower elsewhere in the state. More information is available by calling 1-800-638-7781, a toll-free number. The nation's savings institutions are reaping a cash bonanza from the record mortgage lending of the past 4 1/2 years, according to Federal Home Loan Bank Board reports.

During the first half of the year, mortgage receipts totaled $81 billion, up $12 billion over the same January-to-June period in 1986.

Savings institutions have set four consecutive mortgage lending records, topped by last year's $265.5 billion total. A total of $129.5 billion in mortgages was made in the first half of the year, more than 14 percent ahead of the same period last year. Loan refinancings accounted for $45.5 billion of that total.

"The monthly pace of mortgage loan refinancings has been slowing down because interest rates have increased since April," said William B. O'Connell, president of the U.S. League of Savings Institutions. "We may not set another lending record this year, but it will be a strong year."

IN THE BUSINESS ... Virginia home sales were off 15.5 percent in June from the same month in 1986, according to the Virginia Association of Realtors. ... Montgomery County home sales are off 2 percent in the first seven months of the year compared to 1986, the most active sales year in the county's history, according to the Montgomery County Board of Realtors. But home prices are up sharply, with the median for single-family homes increasing in one year from $114,807 to $132,319 and condominiums going from $63,235 to $68,621. ... The former Chillum Heights apartment complex in Prince George's County has been reborn as Cypress Creek and Timber Ridge. The Artery Organization spent $33.5 million to purchase and rehabilitate the project. ... KT Enterprises Inc., a landscape management firm, has started an irrigation department to provide computerized sprinkler systems for commercial properties. ... Fair Lakes One, the first completed office building at the Fair Lakes office complex in Fairfax County, has won the Fairfax County government's honor award in the third annual exceptional design competition. It was designed by Davis & Carter and developed by Hazel/Peterson Cos. ... Carr Properties Inc. has acquired South Village at Kingstowne, a 200-acre tract where Edward R. Carr & Associates plans to build 768 condominiums, town houses and cluster detached homes. ... The Urban Land Institute, a research group for the development industry, has bought the E.G. Slater mansion at 1319 18th St. NW and plans to move its headquarters there in mid-1988 after a renovation of the 85-year-old house. ULI is now located at 1090 Vermont Ave. NW.

PERSONNEL FILE ... James S. Brooks, former real estate manager for Safeway Stores, has joined Combined Properties Inc., a developer of retail and off-price shopping centers, as vice president for acquisitions. ... Kettler Brothers, the Montgomery County home building firm, has undertaken a major restructuring of its executive staff after the company's chairman and president, Clarence E. Kettler, bought out his long-time business partners, Frank M. Ewing and Charles L. Kettler. Paul P. Gordon becomes senior vice president for administration and finance and corporate treasurer; Edward J. Crowley senior vice president, assistant to the president and corporate secretary; Edward DeSimon senior vice president for land development and venture acquisition; Michael P. Marrs senior vice president for marketing and public relations; Lewis F. Bond senior vice president and residential coordinator for planning and product development, and Hugh E. Gordon senior vice president for residential construction. ... Brian T. Hudson has been named chief executive officer at L&N Realty Services Inc.